March 19, 2012: UTC Climate, Controls & Security and Watsco Form Distribution Joint Venture for Canada
The HVAC distribution operations that UTC Climate, Controls & Security is contributing to the new venture operate in all Canadian provinces with approximately 330 employees in 35 locations and had 2011 sales of approximately $330 million.
UTC Climate, Controls & Security has existing distribution joint venture entities with Watsco operating under the Carrier Enterprise name in the U.S., Mexico, and selected territories in the Caribbean and Latin America.
“Carrier Enterprise’s performance has exceeded our expectations with sales growth outpacing the industry,” said Geraud Darnis, president and CEO, UTC Climate, Controls & Security. “This new joint venture in Canada will build on the success of the Carrier Enterprise business model to further grow share and profitability.”
“This is a very successful business with a strong historical presence and a great leadership team. They will have access to all of Watsco’s resources to add products, locations, and capital to aggressively grow market share and expand the business. We also believe they will respond well to our entrepreneurial style and spirit,” said Albert Nahmad, Watsco’s chairman and chief executive officer.
The transaction is expected to close by the end of April 2012 subject to customary closing conditions.
Publication date: 03/19/2012